press releaseChevron Announces Actions in Response to Market Conditions

加利福尼亚州圣拉蒙。，2020年3月24日– Chevron Corporation today announced several steps it is taking in response to market conditions.

“一个行业领先的资产负债表和flexible capital program, we believe Chevron is resilient and positioned to withstand this challenging environment,” said Chevron Chairman and CEO Michael Wirth. “Given the decline in commodity prices, we are taking actions expected to preserve cash, support our balance sheet strength, lower short-term production, and preserve long-term value.”

The company is reducing its guidance for 2020 organic capital and exploratory spending by 20% to $16 billion. Reductions are expected to occur across the portfolio and are estimated as follows:

• $2亿中的上游非传统，主要是在二叠纪盆地
• $700 million in upstream projects and exploratioN
• $500 million in upstream base business spread broadly across our U.S. and international assets
• $800 million in downstream & chemicals and other

预计现金资本和探索性支出预计将在2020年下降33亿美元至105亿美元。2020年下半年的资本总资本和探索性支出预计将约为70亿美元，年比率低于批准的预算宣布的30％2019年12月。

Excluding 2020 asset sales and price related contractual effects, the company expects production to be roughly flat relative to 2019. Note that Chevron’s net production increases about 20 thousand barrels of oil equivalent per day for each $10 movement lower in Brent oil prices due to contractual effects. Permian production by the end of the year is expected to be about 125 thousand barrels of oil equivalent per day, or 20%, below prior guidance.

“我们的资本计划的灵活性使我们能够通过推迟尚未建设的短期投资和起搏项目来应对这些意外的市场状况，”上游执行副总裁Jay Johnson说：“同时，我们集中了在完成建设中的项目时，将在未来几年启动，同时保留我们在价格恢复时增加二叠纪和其他地区的短周期活动。“

In addition to reducing capital expenditures, the company is taking other actions to support its industry leading balance sheet including:

• The $5 billion annual share repurchase program has been suspended after repurchasing $1.75 billion of shares during the first quarter.
• 该公司完成了菲律宾Malampaya领域的兴趣，第一季度收到的收益超过5亿美元。4月，该公司预计将在阿塞拜疆的上游利益及其对相关管道的兴趣缩小其上游利益。
• 该公司继续执行其计划，以便在2020年以上超过10亿美元的价格降低运营费用。

“雪佛龙的财政优先事项保持不变，”雪佛龙首席财务官皮埃尔布对。“我们的重点是保护股息，优先考虑推动长期价值的资本，并支持资产负债表。”

Future Financial and Operating Results

Recent decreases in commodity prices, as a result of COVID-19 impacts on reduced demand and geopolitical pressures increasing supply, are expected to negatively impact the company’s future financial and operating results. Due to the rapidly changing environment, there continues to be uncertainty and unpredictability around the impact on our results, which could be material. We expect to provide further updates in the company's first quarter 2020 earnings press release, earnings call, and Form 10-Q.

About Chevron

betwayapp下载Chevron Corporation是世界领先的综合能源公司之一。通过其在全球商业的子公司，公司几乎参与了能源行业的各个方面。雪佛龙探索，生产和运输原油和天然气;精制，市场和分销运输燃料和润滑剂;制造和销售石油化学和添加剂;产生电力;并开发和部署在公司运营的各个方面提高业务价值的技术。雪佛龙位于加利福尼亚州圣雷蒙。有关雪佛龙的更多信息www.chevonn.com.。

如本新闻稿所用，术语“雪佛龙”和“公司”的术语，“公司”，“我们”，“我们”和“其”和“其”可以参考雪佛龙公司，一个或多个betwayapp下载其综合的子公司，或他们所有人都有一个整体。所有这些术语仅用于方便，并不旨在作为任何单独公司的精确描述，每个公司都管理其自己的事务。

警告与前瞻性信息有关的“安全港”私营证券诉讼改革法案的前瞻性信息有关

此新闻稿包含与雪佛龙业务有关的前瞻性陈述，这些陈述是基于管理层的当前预期，估计和预测关于石油，化学品和其他能源相关行业的预期。“预期”的单词或短语“预计”，“计划”，“计划，”“目标”，“预测”，“项目，”“辩护”，“计划”，“”估计“，”职位，“追求”，“愿，”“可以”，“应该，”“愿意，”预算“，”展望“，”趋势，“指导，”“焦点”，“焦点，”“赛道，“”是“的，”目标，“目标，”策略，“”机会“，”机会“，”潜在“和类似表达旨在确定此类前瞻性陈述。这些陈述不保证未来的表现，符合某些风险，不确定性和其他因素，其中许多超出公司的控制权，难以预测。因此，实际结果和结果可能与在这种前瞻性陈述中表达或预测的实际不同。读者不应依赖于这些前瞻性陈述的不必要依赖，只截至本新闻稿的日期。除非合法要求，雪佛龙尚无义务公开更新任何前瞻性陈述，无论是新信息，未来事件还是其他方式。

可能导致实际结果与前瞻性陈述中的实际结果不同的重要因素是：不断变化原油和天然气价格;原油生产配额或石油输出国组织和其他生产国组织可能施加的其他行动;公共卫生危机，如流行病（包括冠状病毒（Covid-19））和流行病，以及任何相关的政府政策和行动;经济，监管和政治环境在公司运营的各个国家;国内和国际经济和政治条件一般;改变炼油，营销和化学品利润率;该公司能够实现与企业转型举措相关的预期成本节约和效率;竞争对手或监管机构的行动;勘探费用的时间;原油升水的时间; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company's control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to effect future dividends and share repurchases; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading "Risk Factors" on pages 18 through 21 of the company's 2019 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.